Economy: Alan Walters diary (Telecom) [Telecom announcement; European and US money supply] [released 2012]

Document type:	Declassified documents
Source:	Walters MSS (Churchill Archives Centre): WTRS3/1/2
Editorial comments:	Read other entries from this diary. View all Walters documents. The original diary can be studied here
Importance ranking:	Major
Word count:	156
Themes:	Monetary policy

Tuesday 13th July 1982

Telecom Announcement by Peter Jenkins. [AAW means Patrick Jenkin] OK but delete regulation … fair prices, competition are fair returns [PREM19/876 f47 shows AAW suggesting this amendment to a draft of Jenkin’s statement announcing privatisation of British Telecom, which was delivered to the Commons on 19 July]

Suggested Peter Lilley’s friend in Scotland who wants to buy a railway line get in touch with Simon Jenkins

Lunch Ray Witney [Ray Whitney] and European MP’s etc at the H/C - EMS lobby, but were easily defeated by the interest rate divergence argument. But could Europe have an aggregate money rule so that there would be automatic offsets

Ryries Group on Interest rates [William Ryrie] - waiting on “bulge” expected in July US money supply. But agreed we should look out for favourable opportunities to reduce rates.

Talked to MS [Michael Scholar] about oil prices business confidence (at low ebb) and exchange rates.